Contracts
A buyer's broker submits an offer for a property listed on the MLS. The listing broker informs the buyer's broker that the seller has received a better offer. The buyer's broker asks the seller to counter anyway. Under the law of agency and contract, the listing broker should:
AAccept the better offer without notifying the buyer's broker
BPresent all offers to the seller for their decision✓ Correct
CReject all offers until the listing agreement expires
DAdvise the buyer's broker to withdraw
Explanation
A listing agent has a fiduciary duty to present all offers to the seller. The seller, not the broker, decides which offers to accept, reject, or counter.
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